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WASHINGTON — Ford investors flocked to Kirk Kerkorian’s offer to buy 20 million additional shares of the company, a move that will help the billionaire investor increase his stake in the automaker to about 5.5 percent.
Kerkorian’s Tracinda Corp. said Tuesday that its tender offer of $8.50 a share drew overtures for more than 1 billion of the company’s shares, nearly half of Ford’s outstanding stock. Tracinda will pay about $170 million. Ford shares closed down 24 cents, 3.8 percent, at $6.12 Tuesday.
Ford spokesman Mark Truby said the investor response was “understandable given that the offer represented a significant premium over Ford’s current share price.” The Associated Press
